The midterm elections are shaping up to have a significant impact on the Senate’s banking policy agenda in the next Congress.
Five of the most contested races involve an incumbent who sits on the Senate Banking Committee, and a sixth race — for the Arizona seat being vacated by Republican Jeff Flake — includes a Democrat with industry support for her financial services positions in the House.
In three of the six races, the Democatic incumbents have touted their moderate views and support for the recent bill rolling back certain provisions of the Dodd-Frank Act, which became law in May. All three of those Democrats — Jon Tester of Montana, Heidi Heitkamp of North Dakota, and Joe Donnelly of Indiana — are fighting to keep their seats in states that President Trump won in 2016.
The Cook Political Report currently calls the North Dakota and Indiana races toss-ups, but is more favorable to Tester in Montana.
These races are key for bankers to watch. Tester, Heitkamp, and Donnelly spent years negotiating a regulatory relief compromise with Banking Committee Chairman Mike Crapo, R-Idaho.
Read the rest of this article from the American Banker.